I made (and lost) a lot of money in NFTs.
I wish I knew these lessons earlier.
it's just personal experience.
A lot of other successful styles work, too.
don't try to buy at the absolute bottom.don't try to sell at the absolute top.
because you won't get it and you'll be disappointed.
make decisions that are close enough and towards the right trend.
don't bet all your money on 27 @AzukiOfficial's
(Even though they are amazing!)
Diversify to different NFT projects to reduce risks.
@NathanCRoth makes the point with data proof.
so if prices fall, you still have a benefit you enjoy.
but leverage it based on how others will react to it.
can this project 10x?
so even if it doesn't meet your expectations, you could still get a big return.
make bets with asymmetric upside.
don't spend hours flipping 0.07 ETH projects.
As @BanklessHQ mentioned once, the people making money are buying/selling the high-floor NFTs.
now that being said, read the next tweet.
A VC firm that raised $100M won't suddenly invest $50M on a startup.
they have their range.
know the range you're comfortable playing in...and losing in.
here's a good article we wrote at @withsmoothie
It's less competitive and you'll sometimes find NFTs priced incorrectly.
1 reliable friend mentions a project = it's noise.2 reliable friends mention a project = it's a signal.
your network is important.
if you don't have one yet, create a small group with friends to share learnings.
or join an alpha group!
Spend more time building instead.
This one's important.
Applause for the good game you play!
It's okay. It's inevitable.
there will be plenty more opportunities.
take a breath. learn from it. and move on.
if you're holding an NFT worth 1 ETH, that's 1 ETH you're not putting into a different project.
Always consider the cost of the opportunity you're not taking.
it's simple, but hard.
if everyone's thinking the same thing, get suspicious.
bear markets will come, and bull markets will come too.
but you can’t take advantage of this if you lose everything.
don’t risk it all.
you have to stay in the game.
using leverage, you can increase your ROI.
but when things go poorly, you also lose a lot more.
don’t get too greedy.
we're in an era where you can sell a JPEG for $100k+.
how wild is that?
enjoy the journey.
There are books, blogs, and tweets about NFT trading.
All roads lead to Rome.
You can make your way out of it, too!
What are your lessons about NFT?